Welcome to dunnanddunnrealtors.com:
Where I, Tim Dunn, Realtor, offer complete real estate services
to buyers and sellers with discounts to sellers and rebates to buyers
More about me, and contacting me
E-Mail address:
Telephone:
360-652-4703
My listing at 1625 Harbor Ave. S.W.,Seattle WA
Welcome to dunnanddunnrealtors.com:
Where I, Tim Dunn, Realtor, offer complete real estate services to buyers and sellers with discounts to sellers and rebates to buyers
More about me, and contacting me
E-Mail address:
Telephone:
My listing at 1625 Harbor Ave. S.W.,Seattle WA
Where I, Tim Dunn, Realtor, offer the best value in real estate services available in the Puget Sound region.
Real Estate News for King and Snohomish Counties in Washington State
News for March and April, 2008
There is really very little change to report. The same trends evident in February continue, with prices holding up well, and sales volume down by 1/3 compared to a year ago. Considering how the rest of the East and West coasts' real estate markets are doing, no news is good news.
News for February, 2008
There is very little change in prices compared to a year ago, with King County Condo/Residential prices up .5%, and Snohomish Condo/Residential prices down about 1 1/2%. Volume is down by about 1/3, perhaps implying that buyers are still spooked about the market, and sellers aren't budging. Pierce County, which I don't usualy cover, is down by almost -8%, and Kitsap, which is just across the Tacoma Narrows Bridge from Pierce, is down by even more, at -11+%. Volumes are down in both counties, as well. (All figures are for combined SFD / Condo closed sales.)
News for January
There is very little change in prices compared to a year ago, with King County Condo/Residential prices up 4%, and Snohomish Condo/Residential prices down about 1 1/2%. Volume is up abut 25% in King County, and about 10% in Snohomish Co. In the stock market, upticks in volume are said to confirm prices, meaning that a lot of people consider them reasonable, so I'd say that this is a pretty stable market.
News for November, posted December 6, 2007
Just another quick note: Compared to the same month last year, King County "resale" homes sold for the same price as 12 months ago, and condos were up by a mere .4%. Snohomish County resale homes were up by a meager .7%, but resale condos in Snohomish County were up by a good 14%. New homes in Snohomish County were the big losers, with prices off by 9.5% from the same month last year. Volumes were about as they have been for the first 9 months of 2007.
News for August, posted September 6, 2007
Just a quick note: Compared to the same month last year, King County homes and condos were up 9%, and Snohomish County combined homes and condos were up 4.27%. Volumes were about as they have been, slightly off from the same month a year ago.
July 8, 2007
Prices for existing homes in King County wre up by 8% compared to the same month a year ago, and days on market were up to 49 from 37. Existing condo prices in King County were up by 9% year on year. It took 49 days to sell the median home in King County, versus 37 the year before.
In Snohomish County, existing home prices were up by 12%, year on year, and condos were up by a whopping 19.6%. It took 60 days to sell the median home in Snohomish County, up from 43.
Active listings were up to 9,458 in King County, from 6,489 last year, and in Snohomish County, active listings were up to 5,382 from 3,483 of the year before. As a recent "Money" article noted, that is a 3 month supply in King County, versus the 9 month supply which is the national average. This article
(Click here to read article) noted that Seattle was one of the best real estate markets in the U.S. at the moment.
June 6, 2007
I'm a little pressed for time lately, so this month's update is for existing (versus new construction) single family dwellings(aka houses)only.
April's trend continues-In May, King County's home prices were up by 9.6%, the days on market are up by 29%, and the sales volume is down by 2.6%, all compared to the same month last year.
In May, Snohomish County's SFD prices continued to zoom up at the rate of 12.3%, but the days on market were up by 35%, and the sales volume was down by 13.7%, compared to May of 2006.
May 8, 2007
King County's median home SFD prices advanced by 10.84%, April 2006 to April 2007, from $419,500 to $465,000. Days on market went up by a substantial 11 days, from 45 days on market to 56. Sales volume was off by about 8%, from 2,344 down to 2173, April '07 versus April '06. King County condos' median price rose from $239,900 to $295,900, a whopping 19%, on a volume increase of 4.5%. The days on market rose slightly, by 2 days.
Snohomish SFD home prices advanced by a substantial 13%, from $329,950 to $373,000, but volume was down by 18%, and days on market rose from 50 to 69 days. Snohomish County condos' median price rose to $235,000 from $199,950, a 17.5% increase, on a volume increase of 7%, with a days on market increase of 9 days.
Looking back to the famously booming days of last summer, I note that the median home price for SFDs in King County was $429,000. When you consider that it was $465,000 at the end of last month, I think we can safely say that the doom and gloom crowd's schadenfreude will have to make do with bad news from other states.
April 6th, 2007
In King County, residential resale prices were up 11% from the same month a year earlier, and the sold volume was down by only 4%. Existing condo prices were up by 12%. The active listings were up by only 9% YOY. Condo prices were up by 12%, with new home prices being up by 11% and new condos prices up by 23%.
In Snohomish County, residential resale prices were up by 15.9%, and new home prices were up by 18.3%. Active listings were up by only 7.2%, YOY, but closed sales were down by 20.9%. New construction sales were of by 23%, and new home prices were up by 19.6%.
Snohomish County's median home prices were $184,000 less than King County's, and it seems that the discrepancy is forcing prices in Snohomish County up at a greater rate, as buyers priced out of King County choose Snohomish County instead.
March 7th, 2007
In King County, residential resale prices were flat from the previous month, but were still ahead of prices in February of 2006. The median price for residential resale homes were up by 9.4% compared to Feb of 2006. Volume was down by only 9% from the previous February, which taken together implies that we now see a familiar pattern in real estate prices--the residential real estate market takes breathers but doesn't fall unless there is a net reduction in local population.
Our local population is continuing to rise, and it shows in the resistance of the market to lower prices. To me, the volume figures imply that sellers and buyers have come to terms with the new pricing, and that buyers and sellers are both accepting the current pricing rather than expecting any changes in the near future. Days on market are up by 30%, however.
New home prices have flattened out in King County, up by only 3.3% from a year ago, but condos are up by 22.7%, and new condos are up by 27%.
In Snohomish County, the situation is similar. Existing homes are selling for a median price of $356,000, an increase of 9.55% from February of 2006. New homes are up by 14.88%, however, and new condos are up by 46%. So few new condos were sold in Snohomish County, however, that I don't think the results there are statistically significant.
February 7th, 2007
In King County residential resale (existing single family homes) prices rose from $469,622 in Jan of 2006 to $523,952 in January of 2007 (average prices), a gain of 11.5%. The median price rose from $390,000 to $429,495, a gain of 10%.
The number of residential resale homes sold in King County, year on year, (January 06 compared to January 07) was down by only 2.5%. The number of residential resale homes sold in the month just ended was 1,558. In King County, new construction, homes and condominiums combined, had a price increase of 16.5%, and a volume increase of 27%.
Various of my correspondents who follow King County home prices have noted that the median home price hasn't appreciated since last summer. This is true, but it fails to consider seasonal factors, such as the jump in demand in housing that typically takes place in summer. By all accounts, the market is certainly less frenzied than it was last spring and summer. It looks to me as though we are in a consolidation phase, in which price appreciation will be much more typical of long-term trends than the frenzy of last year.
In Snohomish County, residential resale homes rose from $352,014 to $400,006, or 13.6%. The number of residential resale homes in Snohomish sold was down by 18%, year on year. 869 homes and condos in Snohomish County closed in January. Newly constructed homes and condominiums prices increased by 13%, but their sales were down by 16%, year on year.
January 5th, 2007
December of 2006 was no kinder to Seattle real estate bubble-believers than November was. Volume was down and it took longer to sell homes, but prices continued to advance briskly.
In King County, existing home prices (versus new home prices) rose by 12%, December to December. Volume was down by 20.8%, and days on market were up by 15 days, however. New home prices rose by 19%, and volume was down by 16.4%. Days on market increased by 17 days. Existing condos volume was down by 8.8%, but prices were up by 21% and days on market were up by 8 days.
In Snohomish County, existing home sales were down by 14% in volume, up by 12.6% in prices, and the days on the market were up by 19. New homes volume was down by 15.4%, but prices were up by 19%, and days on market were up by a whopping 40 days.
December 9th, 2006
November, 2006, was another month that offered little comfort to doomsayers who have long prognosticated a real estate crash in western Washington.
In King County, the sales volume of existing homes were down by 14.7%, but prices were up by 14%. New construction volume (for homes and condos) was up slightly, and prices were also up by 8%. Active listings (the number of homes offered for sale) were down by 14.4%.
In Snohomish County, the sales volume of existing homes declined by 16% on a November to November basis, but prices were up by 12%. New construction volume (for homes and condos) was up slightly, and prices were also up by 12%. Active listings were up by 14.3%.
November 6, 2006
King County's existing home (not including condo) prices continue to climb. Sales of existing homes were off in volume by 15%, comparing this October to last October. Prices for the median home was up by 12.8%, and prices for the average home was up by 13.8%. Existing condo prices were up by 20.7%. The optimistic predictions about the Seattle real estate market made by professionals continue to be borne out.
Prices for new homes and condos were up by 9.52% in King County for the median home, and the average price was up a whopping 24.5% for new homes and condos, to an average price of $552,424. Sales volume of new homes and condos was up by 8.8%. So, you can forget all of those national reports of plunging prices and sales volume by home builders. It isn't happening in the greater Seattle area.
In Snohomish County, existing home prices were up by 10.65%, comparing this October with last October, but sales volume was off by 17.8%. New homes were up in price by 15.57%, and the sales volume was down by almost 5%.
The median price of existing homes sold in King County was $440,000, and the median price of existing homes sold in Snohomish County was $350,000.
October 4, 2006
King County's home prices continue to climb, though less sharply than earlier this year. The median sales price this September was $425,000, compared to $381,250 one year ago. That is an increase of 11.5%. Fewer homes were sold, 2,358 versus 2958 one year ago. Sales volume was down by 20.2%. The number of active listings was up to 7,919, from 6,149 the previous September, an increase of 22.3%. The days on market of sold properties in King County rose from 54 to 64 days. (These are all monthly figures, aka MOM, not cumulative figures for the two years.)
Snohomish County's home prices also continued to climb. The median home there sold for $358,475, this September, up from $310,000 last September. That is an increase of 15.6%. Active listings rose from 3,164 to 4,056, an increase of 28%. Those homes which sold were on the market for 50 days, versus 40 days last September. (As above, these are all monthly figures, aka MOM, not cumulative figures for the two years.)
Despite the increase in the number of unsold homes listed for sale, prices continue to climb, though not as sharply as earlier in the year. Apparently, a significant percentage of sellers are able to defer their sales rather than being forced to lower their prices to meet a deadline.
In both counties, the median asking price of unsold homes on the market was considerably higher than the median price of sold homes, and the days on market of unsold homes was also considerably higher.
(The source of these figures is NWMLS.com, which is a website not available to the public, and the calculations are my own.)
September 7, 2006
There has been lots of doom and gloom in the newspapers lately about housing prices. However, when your read the details, they are talking about national averages, as usual.
The Seattle area's prices continue to rise. The median home home in King County sold for $385,000 in August of 2005. The median home in King County in August of this year sold for $435,000. This is an increase of 13%. Volume is off by 8.8%, and days on market is up by 19%. The inventory of unsold homes is up by 24%, but these imbalances have not yet led to lower prices.
In Snohomish County, the median home has increased on a month on month basis from $311,525 to $358,875 - an increase of 15%. Volume is off by 7%, and days on market are up by 21%. The inventory of unsold homes in Snohomish County is up by 25%. As in King County, these imbalances have not yet led to lower prices.
The sixty-four thousand dollar question is, how motivated are the sellers? If prices continue to rise in the face of these imbalances, the answer would seem to be, not very.
August 7, 2006
July's sales figures for King County's housing market:
Prices are up 15.2% YTD, and 14.8% Jul 2005 vs. Jul 2006. Sales volume is down 10.8% YTD, but days on market is up by only one day, or 2.4%. So, if the volume is down, prices are up, but the days on market is hardly budging, what can we conclude? If demand were slacking, wouldn't the days on the market be climbing and prices stabilizing or going down? I conclude that the demand is down, but so is the supply, with the supply going down more than the demand, so as to maintain continued price growth.
The picture for Snohomish County is quite similar, with volume down, prices up, and YTD on the market unchanged. Price growth in Snohomish County is up 21% July 2006 to July 2005, indicating that it is heating up again in Snohomish County after the relative slowdown of the month before.
While the motivations of the buyers and sellers are unknown to me, I speculate as follows: Many buyers are hitting the limit of what they can or will pay for houses in our area. Meanwhile, many sellers have little motivation to sell, such that the pool of motivated sellers is rather small. A preponderance of sellers are selling only if they can make a large profit, and otherwise they are sitting out the market. The number of highly motivated and capable buyers continues to be larger than the pool of highly motivated sellers, leading to diminished volume but continued upward pressure on prices, with unchanged days on market.
July 13, 2006
June's sales figures for King County's housing market: Prices of homes are up 16% over June of 2005, with year to date number of sold homes down by about 1/2 of 1%.
June's sales figures for Snohomish County's housing market: Prices of homes are up 17% over June of 2005, with year to date number of sold homes down by about 1/2 of 1%.
June 6, 2006
May's sales figures for King County's housing market: Prices are up 15.5% from the previous May, days on the market went from 41 to 42, and number of closed sales went from 2,897 to 2,606. Prices up by 15.5%, volume down by 11%, days on market up by only 2% - Looks like an inventory squeeze to me.
May's sales figures for Snohomish County's housing market: Prices are up 19%, number of closed sales are down by 1%, and days on market are down by 4%. Also looks like an inventory squeeze to me.
May 19, 2006
Cnn's Money website predicts great things for 2006 in the greater Seattle area, though they are much more cautious about go-go markets like San Francisco, L.A., and Las Vegas.
They are predicting home price gains of 10.6% in 2006 for the Seattle metro area, and regard current housing prices here as fair when compared to median incomes. It is interesting to note that houses in major urban areas in California are selling for roughly twice as much as Seattle area homes, when compared to the local median income for each area.
Click here to read the article.
Click here to read the Seattle snapshot article.
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April 4, 2006
King County
The median home price in King County (half of homes sold cost more, half less) rose from $431,537 to $500,000 in the 12 month period from March of 2005 to March 2006. (A rise of 15.86%.) The average home price in King County rose from $711,539 to $775,871 in the same period. These figures include condominiums as well as single family dwellings.
Selected areas of King County
In Mercer Island, the median home price rose from $786,250 to $901,000, (a rise of 14.6%) and the average home price rose from $1,010,578 to $1,222,680.
In Kirkland, the median home price rose from $525,000 to $679,000, a rise of 29.3%.
In the Magnolia/Queen Anne area of Seattle, the median home price rose from $538,000 to $669,750, a rise of 24.5%.
In the Greenlake/Ballard area of Seattle, the median home price rose from $379,950 to $425,000, a rise of 11.9%.
In Lake Forest park, the median home rose from $325,500 to $398,000, a rise of 22.3%.
Snohomish County
The average home price in Snohomish County rose from $299,468 to $362,138 in the same period. The median home price in Snohomish County rose from $270,000 to $330,000 in the same period. (A rise of 22.2%.) These figures include condominiums as well as single family dwellings.
* * * * *
Does it pay sellers to remodel?
The answer is: Very rarely, and never very much. Click on this link to see the details for the latest report:
Cost Vs. Value Report at Remodeling Online's website.
* * * * *
LEGAL NOTICE: The rebate and discount offers made on this website are offers made by
me, Tim Dunn, to real estate buyers or real estate sellers who contract with me.
They are not offers made by any brokerage firm. I reserve the right to
refuse to represent sellers who offer lower commissions than I choose to accept, and I
reserve the right to not represent buyers who wish to purchase properties whose sellers offer
commissions lower than I choose to accept.
* * * * *
Where I, Tim Dunn, Realtor, offer the best value in real estate services available in the Puget Sound region.
Real Estate News for King and Snohomish Counties in Washington State
News for March and April, 2008
There is really very little change to report. The same trends evident in February continue, with prices holding up well, and sales volume down by 1/3 compared to a year ago. Considering how the rest of the East and West coasts' real estate markets are doing, no news is good news.
News for February, 2008
There is very little change in prices compared to a year ago, with King County Condo/Residential prices up .5%, and Snohomish Condo/Residential prices down about 1 1/2%. Volume is down by about 1/3, perhaps implying that buyers are still spooked about the market, and sellers aren't budging. Pierce County, which I don't usualy cover, is down by almost -8%, and Kitsap, which is just across the Tacoma Narrows Bridge from Pierce, is down by even more, at -11+%. Volumes are down in both counties, as well. (All figures are for combined SFD / Condo closed sales.)
News for January
There is very little change in prices compared to a year ago, with King County Condo/Residential prices up 4%, and Snohomish Condo/Residential prices down about 1 1/2%. Volume is up abut 25% in King County, and about 10% in Snohomish Co. In the stock market, upticks in volume are said to confirm prices, meaning that a lot of people consider them reasonable, so I'd say that this is a pretty stable market.
News for November, posted December 6, 2007
Just another quick note: Compared to the same month last year, King County "resale" homes sold for the same price as 12 months ago, and condos were up by a mere .4%. Snohomish County resale homes were up by a meager .7%, but resale condos in Snohomish County were up by a good 14%. New homes in Snohomish County were the big losers, with prices off by 9.5% from the same month last year. Volumes were about as they have been for the first 9 months of 2007.
News for August, posted September 6, 2007
Just a quick note: Compared to the same month last year, King County homes and condos were up 9%, and Snohomish County combined homes and condos were up 4.27%. Volumes were about as they have been, slightly off from the same month a year ago.
July 8, 2007
Prices for existing homes in King County wre up by 8% compared to the same month a year ago, and days on market were up to 49 from 37. Existing condo prices in King County were up by 9% year on year. It took 49 days to sell the median home in King County, versus 37 the year before.
In Snohomish County, existing home prices were up by 12%, year on year, and condos were up by a whopping 19.6%. It took 60 days to sell the median home in Snohomish County, up from 43.
Active listings were up to 9,458 in King County, from 6,489 last year, and in Snohomish County, active listings were up to 5,382 from 3,483 of the year before. As a recent "Money" article noted, that is a 3 month supply in King County, versus the 9 month supply which is the national average. This article
(Click here to read article) noted that Seattle was one of the best real estate markets in the U.S. at the moment.
June 6, 2007
I'm a little pressed for time lately, so this month's update is for existing (versus new construction) single family dwellings(aka houses)only.
April's trend continues-In May, King County's home prices were up by 9.6%, the days on market are up by 29%, and the sales volume is down by 2.6%, all compared to the same month last year.
In May, Snohomish County's SFD prices continued to zoom up at the rate of 12.3%, but the days on market were up by 35%, and the sales volume was down by 13.7%, compared to May of 2006.
May 8, 2007
King County's median home SFD prices advanced by 10.84%, April 2006 to April 2007, from $419,500 to $465,000. Days on market went up by a substantial 11 days, from 45 days on market to 56. Sales volume was off by about 8%, from 2,344 down to 2173, April '07 versus April '06. King County condos' median price rose from $239,900 to $295,900, a whopping 19%, on a volume increase of 4.5%. The days on market rose slightly, by 2 days.
Snohomish SFD home prices advanced by a substantial 13%, from $329,950 to $373,000, but volume was down by 18%, and days on market rose from 50 to 69 days. Snohomish County condos' median price rose to $235,000 from $199,950, a 17.5% increase, on a volume increase of 7%, with a days on market increase of 9 days.
Looking back to the famously booming days of last summer, I note that the median home price for SFDs in King County was $429,000. When you consider that it was $465,000 at the end of last month, I think we can safely say that the doom and gloom crowd's schadenfreude will have to make do with bad news from other states.
April 6th, 2007
In King County, residential resale prices were up 11% from the same month a year earlier, and the sold volume was down by only 4%. Existing condo prices were up by 12%. The active listings were up by only 9% YOY. Condo prices were up by 12%, with new home prices being up by 11% and new condos prices up by 23%.
In Snohomish County, residential resale prices were up by 15.9%, and new home prices were up by 18.3%. Active listings were up by only 7.2%, YOY, but closed sales were down by 20.9%. New construction sales were of by 23%, and new home prices were up by 19.6%.
Snohomish County's median home prices were $184,000 less than King County's, and it seems that the discrepancy is forcing prices in Snohomish County up at a greater rate, as buyers priced out of King County choose Snohomish County instead.
March 7th, 2007
In King County, residential resale prices were flat from the previous month, but were still ahead of prices in February of 2006. The median price for residential resale homes were up by 9.4% compared to Feb of 2006. Volume was down by only 9% from the previous February, which taken together implies that we now see a familiar pattern in real estate prices--the residential real estate market takes breathers but doesn't fall unless there is a net reduction in local population.
Our local population is continuing to rise, and it shows in the resistance of the market to lower prices. To me, the volume figures imply that sellers and buyers have come to terms with the new pricing, and that buyers and sellers are both accepting the current pricing rather than expecting any changes in the near future. Days on market are up by 30%, however.
New home prices have flattened out in King County, up by only 3.3% from a year ago, but condos are up by 22.7%, and new condos are up by 27%.
In Snohomish County, the situation is similar. Existing homes are selling for a median price of $356,000, an increase of 9.55% from February of 2006. New homes are up by 14.88%, however, and new condos are up by 46%. So few new condos were sold in Snohomish County, however, that I don't think the results there are statistically significant.
February 7th, 2007
In King County residential resale (existing single family homes) prices rose from $469,622 in Jan of 2006 to $523,952 in January of 2007 (average prices), a gain of 11.5%. The median price rose from $390,000 to $429,495, a gain of 10%.
The number of residential resale homes sold in King County, year on year, (January 06 compared to January 07) was down by only 2.5%. The number of residential resale homes sold in the month just ended was 1,558. In King County, new construction, homes and condominiums combined, had a price increase of 16.5%, and a volume increase of 27%.
Various of my correspondents who follow King County home prices have noted that the median home price hasn't appreciated since last summer. This is true, but it fails to consider seasonal factors, such as the jump in demand in housing that typically takes place in summer. By all accounts, the market is certainly less frenzied than it was last spring and summer. It looks to me as though we are in a consolidation phase, in which price appreciation will be much more typical of long-term trends than the frenzy of last year.
In Snohomish County, residential resale homes rose from $352,014 to $400,006, or 13.6%. The number of residential resale homes in Snohomish sold was down by 18%, year on year. 869 homes and condos in Snohomish County closed in January. Newly constructed homes and condominiums prices increased by 13%, but their sales were down by 16%, year on year.
January 5th, 2007
December of 2006 was no kinder to Seattle real estate bubble-believers than November was. Volume was down and it took longer to sell homes, but prices continued to advance briskly.
In King County, existing home prices (versus new home prices) rose by 12%, December to December. Volume was down by 20.8%, and days on market were up by 15 days, however. New home prices rose by 19%, and volume was down by 16.4%. Days on market increased by 17 days. Existing condos volume was down by 8.8%, but prices were up by 21% and days on market were up by 8 days.
In Snohomish County, existing home sales were down by 14% in volume, up by 12.6% in prices, and the days on the market were up by 19. New homes volume was down by 15.4%, but prices were up by 19%, and days on market were up by a whopping 40 days.
December 9th, 2006
November, 2006, was another month that offered little comfort to doomsayers who have long prognosticated a real estate crash in western Washington.
In King County, the sales volume of existing homes were down by 14.7%, but prices were up by 14%. New construction volume (for homes and condos) was up slightly, and prices were also up by 8%. Active listings (the number of homes offered for sale) were down by 14.4%.
In Snohomish County, the sales volume of existing homes declined by 16% on a November to November basis, but prices were up by 12%. New construction volume (for homes and condos) was up slightly, and prices were also up by 12%. Active listings were up by 14.3%.
November 6, 2006
King County's existing home (not including condo) prices continue to climb. Sales of existing homes were off in volume by 15%, comparing this October to last October. Prices for the median home was up by 12.8%, and prices for the average home was up by 13.8%. Existing condo prices were up by 20.7%. The optimistic predictions about the Seattle real estate market made by professionals continue to be borne out.
Prices for new homes and condos were up by 9.52% in King County for the median home, and the average price was up a whopping 24.5% for new homes and condos, to an average price of $552,424. Sales volume of new homes and condos was up by 8.8%. So, you can forget all of those national reports of plunging prices and sales volume by home builders. It isn't happening in the greater Seattle area.
In Snohomish County, existing home prices were up by 10.65%, comparing this October with last October, but sales volume was off by 17.8%. New homes were up in price by 15.57%, and the sales volume was down by almost 5%.
The median price of existing homes sold in King County was $440,000, and the median price of existing homes sold in Snohomish County was $350,000.
October 4, 2006
King County's home prices continue to climb, though less sharply than earlier this year. The median sales price this September was $425,000, compared to $381,250 one year ago. That is an increase of 11.5%. Fewer homes were sold, 2,358 versus 2958 one year ago. Sales volume was down by 20.2%. The number of active listings was up to 7,919, from 6,149 the previous September, an increase of 22.3%. The days on market of sold properties in King County rose from 54 to 64 days. (These are all monthly figures, aka MOM, not cumulative figures for the two years.)
Snohomish County's home prices also continued to climb. The median home there sold for $358,475, this September, up from $310,000 last September. That is an increase of 15.6%. Active listings rose from 3,164 to 4,056, an increase of 28%. Those homes which sold were on the market for 50 days, versus 40 days last September. (As above, these are all monthly figures, aka MOM, not cumulative figures for the two years.)
Despite the increase in the number of unsold homes listed for sale, prices continue to climb, though not as sharply as earlier in the year. Apparently, a significant percentage of sellers are able to defer their sales rather than being forced to lower their prices to meet a deadline.
In both counties, the median asking price of unsold homes on the market was considerably higher than the median price of sold homes, and the days on market of unsold homes was also considerably higher.
(The source of these figures is NWMLS.com, which is a website not available to the public, and the calculations are my own.)
September 7, 2006
There has been lots of doom and gloom in the newspapers lately about housing prices. However, when your read the details, they are talking about national averages, as usual.
The Seattle area's prices continue to rise. The median home home in King County sold for $385,000 in August of 2005. The median home in King County in August of this year sold for $435,000. This is an increase of 13%. Volume is off by 8.8%, and days on market is up by 19%. The inventory of unsold homes is up by 24%, but these imbalances have not yet led to lower prices.
In Snohomish County, the median home has increased on a month on month basis from $311,525 to $358,875 - an increase of 15%. Volume is off by 7%, and days on market are up by 21%. The inventory of unsold homes in Snohomish County is up by 25%. As in King County, these imbalances have not yet led to lower prices.
The sixty-four thousand dollar question is, how motivated are the sellers? If prices continue to rise in the face of these imbalances, the answer would seem to be, not very.
August 7, 2006
July's sales figures for King County's housing market:
Prices are up 15.2% YTD, and 14.8% Jul 2005 vs. Jul 2006. Sales volume is down 10.8% YTD, but days on market is up by only one day, or 2.4%. So, if the volume is down, prices are up, but the days on market is hardly budging, what can we conclude? If demand were slacking, wouldn't the days on the market be climbing and prices stabilizing or going down? I conclude that the demand is down, but so is the supply, with the supply going down more than the demand, so as to maintain continued price growth.
The picture for Snohomish County is quite similar, with volume down, prices up, and YTD on the market unchanged. Price growth in Snohomish County is up 21% July 2006 to July 2005, indicating that it is heating up again in Snohomish County after the relative slowdown of the month before.
While the motivations of the buyers and sellers are unknown to me, I speculate as follows: Many buyers are hitting the limit of what they can or will pay for houses in our area. Meanwhile, many sellers have little motivation to sell, such that the pool of motivated sellers is rather small. A preponderance of sellers are selling only if they can make a large profit, and otherwise they are sitting out the market. The number of highly motivated and capable buyers continues to be larger than the pool of highly motivated sellers, leading to diminished volume but continued upward pressure on prices, with unchanged days on market.
July 13, 2006
June's sales figures for King County's housing market: Prices of homes are up 16% over June of 2005, with year to date number of sold homes down by about 1/2 of 1%.
June's sales figures for Snohomish County's housing market: Prices of homes are up 17% over June of 2005, with year to date number of sold homes down by about 1/2 of 1%.
June 6, 2006
May's sales figures for King County's housing market: Prices are up 15.5% from the previous May, days on the market went from 41 to 42, and number of closed sales went from 2,897 to 2,606. Prices up by 15.5%, volume down by 11%, days on market up by only 2% - Looks like an inventory squeeze to me.
May's sales figures for Snohomish County's housing market: Prices are up 19%, number of closed sales are down by 1%, and days on market are down by 4%. Also looks like an inventory squeeze to me.
May 19, 2006
Cnn's Money website predicts great things for 2006 in the greater Seattle area, though they are much more cautious about go-go markets like San Francisco, L.A., and Las Vegas.
They are predicting home price gains of 10.6% in 2006 for the Seattle metro area, and regard current housing prices here as fair when compared to median incomes. It is interesting to note that houses in major urban areas in California are selling for roughly twice as much as Seattle area homes, when compared to the local median income for each area.
Click here to read the article.
Click here to read the Seattle snapshot article.
* * * * *
April 4, 2006
King County
The median home price in King County (half of homes sold cost more, half less) rose from $431,537 to $500,000 in the 12 month period from March of 2005 to March 2006. (A rise of 15.86%.) The average home price in King County rose from $711,539 to $775,871 in the same period. These figures include condominiums as well as single family dwellings.
Selected areas of King County
In Mercer Island, the median home price rose from $786,250 to $901,000, (a rise of 14.6%) and the average home price rose from $1,010,578 to $1,222,680.
In Kirkland, the median home price rose from $525,000 to $679,000, a rise of 29.3%.
In the Magnolia/Queen Anne area of Seattle, the median home price rose from $538,000 to $669,750, a rise of 24.5%.
In the Greenlake/Ballard area of Seattle, the median home price rose from $379,950 to $425,000, a rise of 11.9%.
In Lake Forest park, the median home rose from $325,500 to $398,000, a rise of 22.3%.
Snohomish County
The average home price in Snohomish County rose from $299,468 to $362,138 in the same period. The median home price in Snohomish County rose from $270,000 to $330,000 in the same period. (A rise of 22.2%.) These figures include condominiums as well as single family dwellings.
* * * * *
Does it pay sellers to remodel?
The answer is: Very rarely, and never very much. Click on this link to see the details for the latest report:
Cost Vs. Value Report at Remodeling Online's website.
* * * * *
LEGAL NOTICE: The rebate and discount offers made on this website are offers made by
me, Tim Dunn, to real estate buyers or real estate sellers who contract with me.
They are not offers made by any brokerage firm. I reserve the right to
refuse to represent sellers who offer lower commissions than I choose to accept, and I
reserve the right to not represent buyers who wish to purchase properties whose sellers offer
commissions lower than I choose to accept.
* * * * *
Real Estate News for King and Snohomish Counties in Washington State
News for March and April, 2008
There is really very little change to report. The same trends evident in February continue, with prices holding up well, and sales volume down by 1/3 compared to a year ago. Considering how the rest of the East and West coasts' real estate markets are doing, no news is good news.News for February, 2008
There is very little change in prices compared to a year ago, with King County Condo/Residential prices up .5%, and Snohomish Condo/Residential prices down about 1 1/2%. Volume is down by about 1/3, perhaps implying that buyers are still spooked about the market, and sellers aren't budging. Pierce County, which I don't usualy cover, is down by almost -8%, and Kitsap, which is just across the Tacoma Narrows Bridge from Pierce, is down by even more, at -11+%. Volumes are down in both counties, as well. (All figures are for combined SFD / Condo closed sales.)News for January
There is very little change in prices compared to a year ago, with King County Condo/Residential prices up 4%, and Snohomish Condo/Residential prices down about 1 1/2%. Volume is up abut 25% in King County, and about 10% in Snohomish Co. In the stock market, upticks in volume are said to confirm prices, meaning that a lot of people consider them reasonable, so I'd say that this is a pretty stable market.
News for November, posted December 6, 2007
Just another quick note: Compared to the same month last year, King County "resale" homes sold for the same price as 12 months ago, and condos were up by a mere .4%. Snohomish County resale homes were up by a meager .7%, but resale condos in Snohomish County were up by a good 14%. New homes in Snohomish County were the big losers, with prices off by 9.5% from the same month last year. Volumes were about as they have been for the first 9 months of 2007.
News for August, posted September 6, 2007
Just a quick note: Compared to the same month last year, King County homes and condos were up 9%, and Snohomish County combined homes and condos were up 4.27%. Volumes were about as they have been, slightly off from the same month a year ago.
July 8, 2007
Prices for existing homes in King County wre up by 8% compared to the same month a year ago, and days on market were up to 49 from 37. Existing condo prices in King County were up by 9% year on year. It took 49 days to sell the median home in King County, versus 37 the year before.In Snohomish County, existing home prices were up by 12%, year on year, and condos were up by a whopping 19.6%. It took 60 days to sell the median home in Snohomish County, up from 43.
Active listings were up to 9,458 in King County, from 6,489 last year, and in Snohomish County, active listings were up to 5,382 from 3,483 of the year before. As a recent "Money" article noted, that is a 3 month supply in King County, versus the 9 month supply which is the national average. This article (Click here to read article) noted that Seattle was one of the best real estate markets in the U.S. at the moment.
June 6, 2007
I'm a little pressed for time lately, so this month's update is for existing (versus new construction) single family dwellings(aka houses)only.April's trend continues-In May, King County's home prices were up by 9.6%, the days on market are up by 29%, and the sales volume is down by 2.6%, all compared to the same month last year.
In May, Snohomish County's SFD prices continued to zoom up at the rate of 12.3%, but the days on market were up by 35%, and the sales volume was down by 13.7%, compared to May of 2006.
May 8, 2007
King County's median home SFD prices advanced by 10.84%, April 2006 to April 2007, from $419,500 to $465,000. Days on market went up by a substantial 11 days, from 45 days on market to 56. Sales volume was off by about 8%, from 2,344 down to 2173, April '07 versus April '06. King County condos' median price rose from $239,900 to $295,900, a whopping 19%, on a volume increase of 4.5%. The days on market rose slightly, by 2 days.Snohomish SFD home prices advanced by a substantial 13%, from $329,950 to $373,000, but volume was down by 18%, and days on market rose from 50 to 69 days. Snohomish County condos' median price rose to $235,000 from $199,950, a 17.5% increase, on a volume increase of 7%, with a days on market increase of 9 days.
Looking back to the famously booming days of last summer, I note that the median home price for SFDs in King County was $429,000. When you consider that it was $465,000 at the end of last month, I think we can safely say that the doom and gloom crowd's schadenfreude will have to make do with bad news from other states.
April 6th, 2007
In King County, residential resale prices were up 11% from the same month a year earlier, and the sold volume was down by only 4%. Existing condo prices were up by 12%. The active listings were up by only 9% YOY. Condo prices were up by 12%, with new home prices being up by 11% and new condos prices up by 23%.In Snohomish County, residential resale prices were up by 15.9%, and new home prices were up by 18.3%. Active listings were up by only 7.2%, YOY, but closed sales were down by 20.9%. New construction sales were of by 23%, and new home prices were up by 19.6%.
Snohomish County's median home prices were $184,000 less than King County's, and it seems that the discrepancy is forcing prices in Snohomish County up at a greater rate, as buyers priced out of King County choose Snohomish County instead.
March 7th, 2007
In King County, residential resale prices were flat from the previous month, but were still ahead of prices in February of 2006. The median price for residential resale homes were up by 9.4% compared to Feb of 2006. Volume was down by only 9% from the previous February, which taken together implies that we now see a familiar pattern in real estate prices--the residential real estate market takes breathers but doesn't fall unless there is a net reduction in local population.Our local population is continuing to rise, and it shows in the resistance of the market to lower prices. To me, the volume figures imply that sellers and buyers have come to terms with the new pricing, and that buyers and sellers are both accepting the current pricing rather than expecting any changes in the near future. Days on market are up by 30%, however.
New home prices have flattened out in King County, up by only 3.3% from a year ago, but condos are up by 22.7%, and new condos are up by 27%.
In Snohomish County, the situation is similar. Existing homes are selling for a median price of $356,000, an increase of 9.55% from February of 2006. New homes are up by 14.88%, however, and new condos are up by 46%. So few new condos were sold in Snohomish County, however, that I don't think the results there are statistically significant.
February 7th, 2007
In King County residential resale (existing single family homes) prices rose from $469,622 in Jan of 2006 to $523,952 in January of 2007 (average prices), a gain of 11.5%. The median price rose from $390,000 to $429,495, a gain of 10%. The number of residential resale homes sold in King County, year on year, (January 06 compared to January 07) was down by only 2.5%. The number of residential resale homes sold in the month just ended was 1,558. In King County, new construction, homes and condominiums combined, had a price increase of 16.5%, and a volume increase of 27%.Various of my correspondents who follow King County home prices have noted that the median home price hasn't appreciated since last summer. This is true, but it fails to consider seasonal factors, such as the jump in demand in housing that typically takes place in summer. By all accounts, the market is certainly less frenzied than it was last spring and summer. It looks to me as though we are in a consolidation phase, in which price appreciation will be much more typical of long-term trends than the frenzy of last year.
In Snohomish County, residential resale homes rose from $352,014 to $400,006, or 13.6%. The number of residential resale homes in Snohomish sold was down by 18%, year on year. 869 homes and condos in Snohomish County closed in January. Newly constructed homes and condominiums prices increased by 13%, but their sales were down by 16%, year on year.
January 5th, 2007
December of 2006 was no kinder to Seattle real estate bubble-believers than November was. Volume was down and it took longer to sell homes, but prices continued to advance briskly.In King County, existing home prices (versus new home prices) rose by 12%, December to December. Volume was down by 20.8%, and days on market were up by 15 days, however. New home prices rose by 19%, and volume was down by 16.4%. Days on market increased by 17 days. Existing condos volume was down by 8.8%, but prices were up by 21% and days on market were up by 8 days.
In Snohomish County, existing home sales were down by 14% in volume, up by 12.6% in prices, and the days on the market were up by 19. New homes volume was down by 15.4%, but prices were up by 19%, and days on market were up by a whopping 40 days.
December 9th, 2006
November, 2006, was another month that offered little comfort to doomsayers who have long prognosticated a real estate crash in western Washington.In King County, the sales volume of existing homes were down by 14.7%, but prices were up by 14%. New construction volume (for homes and condos) was up slightly, and prices were also up by 8%. Active listings (the number of homes offered for sale) were down by 14.4%.
In Snohomish County, the sales volume of existing homes declined by 16% on a November to November basis, but prices were up by 12%. New construction volume (for homes and condos) was up slightly, and prices were also up by 12%. Active listings were up by 14.3%.
November 6, 2006
King County's existing home (not including condo) prices continue to climb. Sales of existing homes were off in volume by 15%, comparing this October to last October. Prices for the median home was up by 12.8%, and prices for the average home was up by 13.8%. Existing condo prices were up by 20.7%. The optimistic predictions about the Seattle real estate market made by professionals continue to be borne out.
Prices for new homes and condos were up by 9.52% in King County for the median home, and the average price was up a whopping 24.5% for new homes and condos, to an average price of $552,424. Sales volume of new homes and condos was up by 8.8%. So, you can forget all of those national reports of plunging prices and sales volume by home builders. It isn't happening in the greater Seattle area. In Snohomish County, existing home prices were up by 10.65%, comparing this October with last October, but sales volume was off by 17.8%. New homes were up in price by 15.57%, and the sales volume was down by almost 5%.
The median price of existing homes sold in King County was $440,000, and the median price of existing homes sold in Snohomish County was $350,000.
October 4, 2006
King County's home prices continue to climb, though less sharply than earlier this year. The median sales price this September was $425,000, compared to $381,250 one year ago. That is an increase of 11.5%. Fewer homes were sold, 2,358 versus 2958 one year ago. Sales volume was down by 20.2%. The number of active listings was up to 7,919, from 6,149 the previous September, an increase of 22.3%. The days on market of sold properties in King County rose from 54 to 64 days. (These are all monthly figures, aka MOM, not cumulative figures for the two years.)
Snohomish County's home prices also continued to climb. The median home there sold for $358,475, this September, up from $310,000 last September. That is an increase of 15.6%. Active listings rose from 3,164 to 4,056, an increase of 28%. Those homes which sold were on the market for 50 days, versus 40 days last September. (As above, these are all monthly figures, aka MOM, not cumulative figures for the two years.)
Despite the increase in the number of unsold homes listed for sale, prices continue to climb, though not as sharply as earlier in the year. Apparently, a significant percentage of sellers are able to defer their sales rather than being forced to lower their prices to meet a deadline.
In both counties, the median asking price of unsold homes on the market was considerably higher than the median price of sold homes, and the days on market of unsold homes was also considerably higher.
(The source of these figures is NWMLS.com, which is a website not available to the public, and the calculations are my own.)
September 7, 2006
There has been lots of doom and gloom in the newspapers lately about housing prices. However, when your read the details, they are talking about national averages, as usual.
The Seattle area's prices continue to rise. The median home home in King County sold for $385,000 in August of 2005. The median home in King County in August of this year sold for $435,000. This is an increase of 13%. Volume is off by 8.8%, and days on market is up by 19%. The inventory of unsold homes is up by 24%, but these imbalances have not yet led to lower prices.
In Snohomish County, the median home has increased on a month on month basis from $311,525 to $358,875 - an increase of 15%. Volume is off by 7%, and days on market are up by 21%. The inventory of unsold homes in Snohomish County is up by 25%. As in King County, these imbalances have not yet led to lower prices.
The sixty-four thousand dollar question is, how motivated are the sellers? If prices continue to rise in the face of these imbalances, the answer would seem to be, not very.
August 7, 2006
July's sales figures for King County's housing market: Prices are up 15.2% YTD, and 14.8% Jul 2005 vs. Jul 2006. Sales volume is down 10.8% YTD, but days on market is up by only one day, or 2.4%. So, if the volume is down, prices are up, but the days on market is hardly budging, what can we conclude? If demand were slacking, wouldn't the days on the market be climbing and prices stabilizing or going down? I conclude that the demand is down, but so is the supply, with the supply going down more than the demand, so as to maintain continued price growth. The picture for Snohomish County is quite similar, with volume down, prices up, and YTD on the market unchanged. Price growth in Snohomish County is up 21% July 2006 to July 2005, indicating that it is heating up again in Snohomish County after the relative slowdown of the month before.
While the motivations of the buyers and sellers are unknown to me, I speculate as follows: Many buyers are hitting the limit of what they can or will pay for houses in our area. Meanwhile, many sellers have little motivation to sell, such that the pool of motivated sellers is rather small. A preponderance of sellers are selling only if they can make a large profit, and otherwise they are sitting out the market. The number of highly motivated and capable buyers continues to be larger than the pool of highly motivated sellers, leading to diminished volume but continued upward pressure on prices, with unchanged days on market.
July 13, 2006
June's sales figures for King County's housing market: Prices of homes are up 16% over June of 2005, with year to date number of sold homes down by about 1/2 of 1%.
June's sales figures for Snohomish County's housing market: Prices of homes are up 17% over June of 2005, with year to date number of sold homes down by about 1/2 of 1%.
June 6, 2006
May's sales figures for King County's housing market: Prices are up 15.5% from the previous May, days on the market went from 41 to 42, and number of closed sales went from 2,897 to 2,606. Prices up by 15.5%, volume down by 11%, days on market up by only 2% - Looks like an inventory squeeze to me.
May's sales figures for Snohomish County's housing market: Prices are up 19%, number of closed sales are down by 1%, and days on market are down by 4%. Also looks like an inventory squeeze to me.
May 19, 2006
Cnn's Money website predicts great things for 2006 in the greater Seattle area, though they are much more cautious about go-go markets like San Francisco, L.A., and Las Vegas. They are predicting home price gains of 10.6% in 2006 for the Seattle metro area, and regard current housing prices here as fair when compared to median incomes. It is interesting to note that houses in major urban areas in California are selling for roughly twice as much as Seattle area homes, when compared to the local median income for each area.
Click here to read the article.
Click here to read the Seattle snapshot article.
April 4, 2006
King County
The median home price in King County (half of homes sold cost more, half less) rose from $431,537 to $500,000 in the 12 month period from March of 2005 to March 2006. (A rise of 15.86%.) The average home price in King County rose from $711,539 to $775,871 in the same period. These figures include condominiums as well as single family dwellings.
Selected areas of King County
In Mercer Island, the median home price rose from $786,250 to $901,000, (a rise of 14.6%) and the average home price rose from $1,010,578 to $1,222,680.
In Kirkland, the median home price rose from $525,000 to $679,000, a rise of 29.3%.
In the Magnolia/Queen Anne area of Seattle, the median home price rose from $538,000 to $669,750, a rise of 24.5%.
In the Greenlake/Ballard area of Seattle, the median home price rose from $379,950 to $425,000, a rise of 11.9%.
In Lake Forest park, the median home rose from $325,500 to $398,000, a rise of 22.3%.
Snohomish County
The average home price in Snohomish County rose from $299,468 to $362,138 in the same period. The median home price in Snohomish County rose from $270,000 to $330,000 in the same period. (A rise of 22.2%.) These figures include condominiums as well as single family dwellings.
Does it pay sellers to remodel?
The answer is: Very rarely, and never very much. Click on this link to see the details for the latest report: Cost Vs. Value Report at Remodeling Online's website.
LEGAL NOTICE: The rebate and discount offers made on this website are offers made by me, Tim Dunn, to real estate buyers or real estate sellers who contract with me. They are not offers made by any brokerage firm. I reserve the right to refuse to represent sellers who offer lower commissions than I choose to accept, and I reserve the right to not represent buyers who wish to purchase properties whose sellers offer commissions lower than I choose to accept.